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New reports suggest Toys R Us bankruptcy claim before Christmas

International toy retailer Toys R Us may file for bankruptcy as soon as the next few weeks, sources close to the retailer have suggested.

The Wall Street Journal stated that the company was considering filing for Chapter 11 protection in the US Bankruptcy Court, but the retail chain has yet to officially comment upon these claims.

The move comes as part of its potential plan to restructure around $400 million in debt, which is due in 2018.

Many have speculated the move comes as part of a growing move by consumers to turn to online shopping or discount retailers.

There have been more than a dozen significant retail bankruptcies this year, but none for retailers as big as Toys ‘R’ Us, which has about $5 billion in debt and more than 1,600 stores worldwide.

The retailer had already said it was working with an investment bank to assess options for about $400 million in debt that comes due next year.

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